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Mandatory third party insurance for vehicles to benefit consumers, insurers: Experts

Mandatory third party insurance for vehicles to benefit consumers, insurers: Experts

Finance
NEW DELHI: Even as customers buying cars and two-wheelers post September 1 need to shell out more as premium with Irdai making long-term third party insurance mandatory, industry and experts feel it will ultimately benefit consumers besides the insurers. It addresses the issue of under-insurance and inculcate a sense of compliance among those who otherwise evade the law by not buying the third party motor insurance after the initial year of vehicle purchase, said an analyst. Following an order from the Supreme Court, the Insurance Regulatory and Development Authority of India (Irdai) has directed the insurance companies to offer three-year third party insurance cover for new cars and five-year such policy for new two-wheelers from September 1, 2018. The new guideline will contribute to hig...
Rs 15,167 crore unclaimed money of policyholders lying with insurers

Rs 15,167 crore unclaimed money of policyholders lying with insurers

Finance
As much as Rs 15,167 crore amount of policyholders is lying unclaimed with 23 life insurers, according to Irdai data. Insurance regulator Irdai has already asked insurers to take steps to identify the policyholders or beneficiaries and disburse the claims. Board level committee for policyholder protection of every insurer is entrusted with the responsibility of monitoring the timely payout of the all dues to policyholders. It also oversees the steps taken by the insurers to reduce unclaimed amounts as part of the standard procedures on customer service. Out of the total unclaimed amount of Rs 15,166.47 crore, as on March 31, 2018, insurance behemoth Life Insurance Corporation (LIC) is sitting on Rs 10,509 crore, while the 22 private sector insurers account for the remaining Rs 4,657.45 ...
Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Finance
Insurance regulator Irda has asked all insurers to transfer the deposits of policyholders that have been laying unclaimed for over 10 years to the welfare fund by March 1. "All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, 2017 shall transfer the same to Senior Citizens' Welfare Fund (SCWF) on or before March 1, 2018," the Insurance Regulatory and Development Authority of India has said in a circular. The directive comes under the Department of Economic Affairs accounting procedure for transfer of funds to SCWF. Life, non-life and health insurance service providers will have to comply to the SCWF Rules, 2016 every year. "The insurers shall make transfers to the consolidated fund of India on or before the 1st March, eac...
The best insurers may be the ones you've never heard of

The best insurers may be the ones you've never heard of

Finance
Are cheap repairs part of an insurance scheme? The best home, rental and car insurance is not necessarily the least expensive, but the one that covers you when you need it. That's according to policy-holders who reported their experiences to Clearsurance, an independent insurance information site, which produced a ranking of the best insurance companies of 2018. And the ranking shows that the best mix of affordability and service isn't always from the big players. "The companies in the top ten weren't so much the large national companies that we see advertised all the time," says Todd Kozikowski, co-founder and chief revenue officer of Clearsurance. "But rather, it was regional carriers who offered good rates and great service, and even better service than some of the nationally known br...
Oregon approves measure requiring insurers to cover abortion

Oregon approves measure requiring insurers to cover abortion

Health
Insurance companies in Oregon would be required to cover abortions and other reproductive services at no cost to the patient regardless of income, citizenship status or gender identity under a measure approved Wednesday by lawmakers. Oregon already has some of the most liberal abortion laws in the U.S., leaving out otherwise common requirements for waiting periods or spending limits on taxpayer funds. The measure, which does offer some religious-based exemptions, comes as the federal government and other states are seeking restrictions on abortion services. President Donald Trump earlier this year signed legislation allowing states to withhold federal family planning funds from Planned Parenthood and other abortion providers. In May, the Texas Legislature approved a sweeping package of ne...